Eternity Law International News Innovations in currency exchange in Ukraine

Innovations in currency exchange in Ukraine

January 28, 2020

Innovations in cryptocurrency exchange in Ukraine 

Thanks to the new law, Ukrainians will receive more than 20 privileges to facilitate banking operations. From February 7 it became possible:

  • move currency values ​​abroad according to a unified system;
  • settle later than the appointed date (earlier failure to comply with the established billing period led to a ban on the conduct of export-import activities);
  • pay off all debts prematurely;
  • for individuals, in the absence of an open account, transfer dollars, euros and other units abroad in the range of UAH 15,000-150,000 per year;
  • conclude foreign exchange forwards in hedging debt and export-import transactions;
  • do not register debts;
  • carry out operations with the participation of an account of a legal entity that is not a resident of Ukraine;
  • carry out foreign exchange investments in Ukraine with funds belonging to the first and second groups of the currency classifier;
  • get simplified export-import activities due to unilateral banking control (for foreign exchange supervision, the bank will need a customs declaration);
  • pay for imports and exports within 365 days, since the billing period has doubled;
  • lack of control over currency transactions not exceeding UAH 150,000;
  • open accounts to pay external debt, purchase and save currency there;
  • buy government securities for a bank client (they must be both denominated and purchased in foreign currency);
  • use electronic limits for the population and representatives, allowing the former to carry out currency transactions in the amount of 50,000 in 12 months, and the latter – 2 million per year;
  • make payments for life insurance in foreign currency;
  • use accounts outside the state owned by legal entities, but not transfer money from Ukraine to them;
  • daily purchase currency online, provided that the purchase amount is no more than 150 thousand hryvnia;
  • conclude a currency swap between banks and residents, between banks and non-residents;
  • purchase foreign currency for the entire residual balance in the national currency of Ukraine to LORO accounts for non-resident banks (invest from the same accounts and issue loans in hryvnia to residents of a non-resident bank);
  • invest banks without restrictions in securities included in the investment class;
  • legal entities licensed to import and export banking gold, silver, platinum and others;
  • physical and legal entities per day should not exceed UAH 150,000 for the purchase of banking metal (previously the weekly limit was 3.21 ounces, but now the procedure can be used by people whose activities are related to the purchase of banking gold and other precious metals).

According to the law of 02/07/2019, dividends can be returned. The T + 1 rule has been canceled, due to which you can receive currency on the day the funds are credited. Also, the generally binding norm for the sale of foreign currency to exporters will decrease from 50 to 30%. The new indicator will take effect on March 1, 2019.

It should be reminded that earlier control of the foreign exchange market was carried out on the basis of a decree adopted by the Cabinet of Ministers in 1993. Last year, at a June meeting, the deputies adopted the law “On Currency and Foreign Exchange Transactions.” He began to act as soon as the NBU studied all the regulatory legal acts.

Thanks to the newly introduced system of 8 provisions, Ukrainians will receive a simplified conduct of transactions related to the foreign exchange market, and an alternative replacement of the previous base with 56 regulations.

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